Renter's Warehouse - Property Managers - Minneapolis / St Paul

17 Replies

Hello, 

Does anyone currently employ RENTERS WAREHOUSE in the twin cities area to manage their property or properties? I have heard good things about them. I'm looking for insight regarding their fee structure, rent collection, repairs etc. How does that all work out in the wash for you?  

Thanks so much in advance!!

@Francis A.

I don't use them.  I know they cost $80.00 a month, plus they charge a good chunk of 1st months rent to find you a new tenant.  I've also observed, now in three separate cases, they have zero idea what an actual market rent should be.  I think if you don't care about lease loss or making any profit, they are fine.  

Updated almost 5 years ago

Update: I've changed my mind on Renters Warehouse. They actually have a good pulse on the market, and their fees for finding tenants is reasonable, and save's a lot of my time.

Originally posted by @David Moore :

@Francis A.

I don't use them.  I know they cost $80.00 a month, plus they charge a good chunk of 1st months rent to find you a new tenant.  I've also observed, now in three separate cases, they have zero idea what an actual market rent should be.  I think if you don't care about lease loss or making any profit, they are fine.  

 +1 for the above comment. I requested a quote from them and was not impressed. They advertise that they will handle everything, however they told me I have to apply for the rental license. They say they manage the property but they don't they just answer the calls then call me to tell about the issue. So I am basically paying $80 to have them answer the calls. I have to deal with all the issues after all. But the way they advertise is you pay them $80 a month and they handle the rest.

@Francis A.

I self manage, and boy, do I make some doozy mistakes.  Yikes!  Just  made one tonight.  I like the concept of someone else managing, but I don't like the cost, and from what I've seen  of them, I really don't think they know their stuff.  I haven't found a good property manager yet.  

@Davit Gharibyan

Thanks for posting.  Really enjoyed your comment and I concur.  

@David Moore

I'm in your boat too - I self manage locally.  My focus is now out of state (Twin Cities) rentals. There are a few brave souls who self manage from out of state but quite a few used to live in those states prior to relocating. 

My folks in the twin cities are way too busy otherwise I'd have a liason to coordinate self management.  The challenge is to find the best property manager. They're out there. I just have to find them.

I think one guy I know who has a good head on his shoulders is @Dan Coleman .  He is an investor like us, and is a realtor, meaning he has the credentials to be a property manager.  I'd try contacting him.  I've found Dan to be a great resource.

@Zachary Johnson

Dan's just still a bit sore because we wouldn't accept him on the team.

Have there been bumps in the road over the last decade of becoming "THE" #1 SFR management company in the United States, absolutely, no question, mistakes were made, lessons learned, evolution done.

Here is a few facts, find another PM in any market in the country who has half the number of google rating we do with half the star rating we have, and thats speaking of just 1 of our branches google ratings.

We have a 98% rents collected throughout covid, who else can speak to such?

We have managed literally MILLIONS of SFR properties, we manage hundreds of thousands of units right now today, ALL 1-4 unit SFR.

Its a fact of life that when your #1 a) you didnt get there by chance or mistake and b)everyone below you is targeting you non-stop because jealousy is mighty powerful.

I tell you what, here in front of God and the BP universe I will put my $ where my mouth is. For a new client never been with RW before, how about a $1.00 challenge! I will give you 12 months property management for the sum of $1.00 whole dollar per month. If you don't like the service, fire us, it's that simple. Now, tell me another so certain of there service they will do that? 

As for setting rents, I can't speak to what others were posting on many years ago but today in MN we are to rents what Super America is to gas, we set the market price, literally. We have the #1 analytics for setting rents, #1 tenant pools, fastest lease times..... We have other PM's calling us pretending to be owners thinking we don't know, so they can figure out what rents should be. AND we only ADVISE on rents, that's key, we empower and assist our landlords we don't dictate to them, if they want to shoot for $200 over advised, done, $200 under, done, it's YOUR property, so end of day we equip you to make informed decisions and respect YOUR decisions. 

I would not want a property management company that shows no effort in managing the properties and hires people who have no experience besides behind a computer screen. Just look at their reviews online. a 3.7 star rating on google  is hardly a good company I would trust.

I used them for my current Tonka Bay tenant about 5 years ago. The finder’s fee was expensive but for that they guaranteed the lease and obviously the tenant has worked out well for us. I found the $80/mo fee (I think they raised it the month after we started using them.) to be a almost zero as a percent of $2700/mo rent. But still cancelled that part of the deal after a year as I was mostly dealing with the tenant directly anyway. (This is a townhome so maybe less external issues to deal with?)

All in all a decent experience.